1. The chief characteristic of the UCC is (a) rigid rules (b) flexibility (c) the requirement standard clauses in contracts (d) mandatory damages. 2. A counteroffer (a) is bargaining (b) requires no consideration (c) is not allowed under the UCC (d) kills the original offer 3. A bargained for exchange where each side gives up something is called (a) puffery (b) arbitration (c) revocation (d) consideration. 4. If you want to protect yourself from being sued for non-performance on a contract due to a natural disaster, you would want to include a (a) severability clause (b) time is of the essence clause (c) force majeure clause (d) arbitration clause. 5. A valid contract dealing with land (a) is governed by the Statute of Frauds (b) is governed by the UCC (c) must be in writing (d) both "a" and "c." 6. When there is a substitution of new parties on the same contract, this is called (a) a novation (b) an accord (c) a modification (d) an addendum. 7. When a relationship involves both money and a position of trust, it is (a) an indemnification (b) novation (c) a fiduciary relationship (d) an implied warranty. 8. Which of the following is NOT a Duty of an Agent: (a) Duty of Performance (b) Duty to compensate (c) Duty of Loyalty (d) Duty of Notification. 9. Which of the following is NOT a Duty of a Principal: (a) Duty of Loyalty (b) Duty to Cooperate (c) Duty to Compensate (d) Duty to Reimburse. 10. If a company's policy is neutral on its face, but it results in unexpected discrimination, this is called (a) disparate treatment (b) disparate impact (c) mixed motives (d) arbitrary